Ocean Rig Begins Arbitration Proceedings Against Irving Shipbuilding

Ocean Rig has commenced London arbitration proceedings against Irving Shipbuilding, Inc. ("ISI") in relation to ISI's role in the completion of the Eirik Raude in 2001 and 2002. The proceedings principally concern ISI's financial management of the project in respect of which Ocean Rig will seek substantial damages from ISI. The proceedings are confidential and further announcements will only be made as and when Ocean Rig's public reporting obligations require such announcements to be made.

Ocean Rig owns and operates two of the world's largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and Norway.

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